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Posted by Royal Sundaram on 21 Dec 2017
When you find out that you are expecting a child, it is one of the happiest moments of your life. Although, you will be overjoyed with happiness and joy for a while, reality sets in. These days with the rising prices, making ends meet along with the expenses of a child can be a cause of concern. Going on maternity leave and managing the household bills can be a daunting task. In a situation like this, the best thing to do is to plan ahead. Make a concise financial plan to guide you through those tight months. To help you, here are a few financial tips you can refer to:
- 1. Understand your health insurance policy
You need to comb through your medical insurance policy before you go on your maternity leave. Understanding your maternity coverage that comes under the purview of your health insurance policy will be beneficial for you to plan your budget. What does your policy cover? How much coverage does it offer? How long is your maternity benefit applicable? These are some of the questions you should find answers for, before you take your maternity leave.
- 2. Build your budget
Once you have figured out the contents of your maternity benefits provided in your health insurance plan, you will have a rough idea as to how your expenses look. Leaving aside the expenses covered by the maternity cover, there will be various out of pocket or ad hoc expenses that need to be taken into consideration. For this reason, you should chalk down a budget. Make a concise list of expenses covered within and out of your insurance.
- 3. Explore external income opportunities
While you are on maternity leave, it can get very frustrating to be unproductive. However, you can explore multiple external income opportunities. This will not only allow you to stay productive and use your free time efficiently, but also serve as an additional source of income. You can take up various at home freelancing activities or start a small business from home.
- 4. Save Aggressively
Once you have chalked down your expense portfolio, it is time to start saving. Beginning from the first month of your pregnancy, if you start to save profusely, you will have built an easy corpus amount to be able to facilitate any expense. You can also consider opening a savings account dedicated to finance your maternity requirements. You can also set a savings goal keeping in mind your budget and expenses.
Pregnancy is a major life change. You cannot simply walk into it halfheartedly. Utilizing these financial tips will ensure that this beautiful period in our life is not burdensome due to insufficient finances.
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